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Running a business doesn’t come naturally to everyone, it may be that you’re amazing at providing a service or have a talent for something that you know you can make money from, but this doesn’t necessarily mean you have the skills or knowledge to run a business. So, what can you do when finance, numbers and general business is not your thing?
Educate Yourself
Start with education. If you think your idea for a business is good, then read books, listen to podcasts, listen to audiobooks, go on a course, do some online courses, whatever sources are available to you, start learning. Don’t put too much pressure on yourself, get some basic knowledge and you may realise that it’s easier than you think. If not, then you might just pick up some basics, things will start to slot into place, and you’ll feel more confident and get familiar with basic terms. It’s all about making an effort to understand so that you can have more control over your business and know what’s going on.
Employ Someone You Trust
No one expects you to become an accountant overnight, so don’t expect it from yourself. Employ an accountant that you trust to manage your finances. They will also be able to offer a wealth of advice which will be invaluable to you and your business. An accountant who has a good reputation and has worked with similar companies before will be an excellent choice if you don’t know someone already.
Outsource
Given how many requirements, regulations and tax laws, sorting out the payroll goes way beyond just calculating the hours and salary for employees. There is nothing wrong with outsourcing what you cannot do yourself. There are plenty of good payroll service providers around who you can use as well as other services which you could look into. Attempting to manage a number of projects at once, usually means that you will experience a drop in productivity. If you’re trying to juggle too many things, your projects take longer to complete, and you get more stressed. You mustn’t make mistakes when you handle the finances for your business, so outsourcing bookkeeping will get you the experience of a team no stress.
Don’t Shy Away
Even if you don’t want to face specific jobs in your business or you don’t want to open the bills or look at your account balance, it’s important not to shy away from this. Not looking won’t make it go away, so it’s better to face the numbers head-on, so you know where you stand and what your position is.
Focus On Your Strengths
Don’t get too bogged down with finances if they’re not your thing. While it’s essential to be aware of what’s going on in your business, it is also important to focus on your strengths and to put your time into what you’re good at. Don’t let this side of the business fall because you’re trying to learn others. You know you’re the talent of the business, this is the reason you started it in the first place so don’t forget that.
